EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1430; (P) 1.1492; (R1) 1.1529; More….

Intraday bias in EUR/USD remains neutral with focus on 1.1431/2 support. Break will fall from 1.1814 to retest 1.1300 low. In case of another recovery, upside should be limited by 1.1621 resistance to bring another decline. However, break of 1.1621 will turn focus back to 1.1814 instead.

In the bigger picture, corrective pattern from 1.1300 could have completed at 1.1814 after hitting 38.2% retracement of 1.2555 to 1.1300 at 1.1779. Decisive break of 1.1300 will resume the down trend from 1.2555 to 61.8% retracement of 1.0339 (2017 low) to 1.2555 at 1.1186 next. Sustained break there will pave the way to retest 1.0339. On the upside, break of 1.1814 will delay the bearish case and extend the correction from 1.1300 with another rise before completion.